Steep rise in insurance for local homeowners

HOUSE insurance prices have almost doubled in the North in the last year, with Fermanagh and Omagh experiencing an even steeper increase than that.

The average cost of home insurance now sits at £410, while in the local district the majority of homeowners are paying around £430.

This means, out of any of the 11 council districts in the North, local people are paying the fourth-highest price for home insurance.

According to price comparison company CompareNI.com, the mean annual cost of home insurance in the six counties rose by 84 per-cent between the first quarter of 2023 and the same period of 2024.

That jump means that local people are paying well over double the UK average, which sits at a comparatively modest £185.88.

For local struggling to make ends meet, this climb in home insurance costs has compounded the already-considerable drain being placed on thousands of local household’s by pricey car insurance premiums.

Research by CompareNI.com has shown Newry, Mourne and Down holds the uneviable distinction of having the highest average home insurance costs in the North. Up 115 per-cent from the same time last year, the average homeowner is now paying £526 to protect their property.

Derry City and Strabane had the second highest home insurance premiums with an average cost of £456, up 89 per-cent from last year.

The third highest was Mid Ulster with an average cost of £431, followed by Fermanagh and Omagh (£429), Armagh, Banbridge and Craigavon (£418), Belfast (£413), Causeway Coast and Glens (£404) and Antrim and Newtownabbey (£378).

Ian Wilson, managing director of CompareNI.com, said, “Inflation is most likely responsible for the recent rise in home insurance premiums across Northern Ireland.

“Not only has inflation led to a rise in the cost of repairs, labour and materials but there has also been a reduction in the number of insurance providers that cater to Northern Ireland as rising costs have made it challenging for some smaller insurance businesses to remain open.”